Bitcoin should touch $213,000 to become mainstream currency: UBS report

Union Financial Institution of Switzerland [UBS] is uncertain regarding Bitcoin replacing the dollar. According to a report by the UBS, either the BTC rates must hit $213,000 or there should be an upgrade to it network processing for it to unseat the buck. The report mentions that is not also in the practical possessions class yet. “Our findings suggest that Bitcoin, in its existing form, is as well unsteady and also limited to become a viable means of payment for global purchases or a conventional possession class,” the report claimed.

blockchain is only capable of refining half the quantity of deals as compared to Visa.Inc. This acne can restrict the capacity of the cryptocurrency. Cryptocurrencies like EOS has faster deals compared to Bitcoin, yet the coin continues to be the king of cryptos. In 2014, the UBS released a report suggesting that cryptocurrencies becoming a conventional medium for exchange is dubious. “The demand for business as well as people to pay tax invoices in government-issued money, and also the possibly limitless crypto-money supply, pose considerable barriers to prevalent adoption,” specifies the report.

BTC is currently trading at $7534.9 and also is dipping against USD by 0.93%. The MACD reveals a bearish energy as well as the 100 EMA line displays a downtrend. The costs which rose above $8000 after a Bitcoin ETF proposition however the SEC being rejected plunged the rates to $7500 level. Specialists remain positive about the rates. The Wallstreet’s crypto king Bart Smith stated market views are favorable on Bitcoin.

A mechanical engineer turned journalist, Raja Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Custom Coins.